Chinese exports accelerate as USA prepares new tariffs in heated row
10 August, 2018, 06:34 | Author: Lora Ball
The announcement is the latest round in a tit-for-tat trade conflict between the world's two largest economies which has left global markets on edge.
Amid a steep correction in crude prices, China said on Wednesday that it would impose a 25-percent tariff on U.S. imports worth US$16 billion, including crude oil, diesel, cars, coal, and steel products, in retaliation to the U.S. list of US$16 billion worth of Chinese imports that will be taxed by U.S. authorities from August 23. More tariffs are planned, including duties of 25pc on an additional $16bn of Chinese goods that the U.S. will impose in a fortnight.
Vacationing at his Bedminster, New Jersey golf club, the president on Tuesday promised a dinner gathering of chief executives that the United States and China would soon have a "fantastic trading relationship".
The latest tariff salvos stem from Trump's complaint that China is unfairly acquiring American technology via coercive joint ventures with USA companies, cybertheft and other violations of intellectual property rights.
President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than US$500 billion past year.
China's latest tariffs will be implemented on August 23, in tandem with the U.S.
Several industry bodies in the USA representing agribusiness, retail and technology have said the Trump administration's tariffs are hurting them and will cause long-term damage to farmers, manufacturers and consumers.
The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed that "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce".
The Trump administration ramped up the pressure for trade concessions from Beijing last week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.
It is now highly likely that China will retaliate, as promised, with its own $60 billion tariff round.
China has threatened to retaliate on any additional USA tariffs tit-for-tat.
The tranche of 25 per cent tariffs - which covers 279 products including electronic parts, plastics, chemicals, batteries, tractors and railway cars - follows $US34 billion worth of tariffs announced by the U.S. government in July. But it held off on a final $16 billion as a result of concerns raised by United States companies. Over the weekend, Trump told a rally he holds the advantage over China, adding playing hardball on trade is "my thing". The list is heavy on industrial products such as steam turbines and iron girders.
This article was written by Damian Paletta, Amanda Erickson and David J. Lynch, reporters for The Washington Post. But it was 11 percent higher than in the same month past year. "They are aimed at fellow Americans", the economist said.
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